TPG replaces Asia chief

The firm's Asia head, Dan Carroll, has been replaced by emerging markets head Stephen Peel. Carroll originally agreed to move to Hong Kong in 2005 for a two-year stint and has now returned to the US.

Global mega-firm TPG has appointed Stephen Peel to head up its emerging markets operation in Asia after the firm’s long-time Asia veteran Dan Carroll decided to return to San Francisco for family needs.
 
The move puts TPG’s entire emerging markets private equity operations under the supervision of Peel, who had already been responsible for the firm’s emerging markets practices in Turkey, Russia, Eastern Europe and India. 

“This shows the importance of emerging markets to the firm,” a spokesman for TPG said.
 
Carroll, who returned to San Francisco in August, will be in charge of the firm’s Australia and Japan operations. Carroll was only supposed to be in Hong Kong for two years but stayed for three years, the spokesman said.

Contrary to media reports, the move has nothing to do with “disappointing” investments in emerging markets, the spokesman said.

Carroll was originally based in San Francisco with TPG’s former Asia affiliate Newbridge Capital, which TPG subsumed in 2006. Carroll agreed to move to Hong Kong in 2005 for a two-year stint and oversaw the firm's increased focus in the region. He was joined by Jun Tsusaka and Steven Schneider in 2006.

Peel joined TPG in 1997 and was based in London before relocating two years ago to open a Moscow office. Peel led the firm’s first ever investment in Turkey in one of the country’s leading alcoholic beverage producers, Mey Içki.

TPG recently announced a deal to acquire a 55 percent stake in Shriram Retail Holdings for 8.05 billion Indian rupees. The investment is being made out of the firm’s Asian fund, which closed earlier this year on roughly $4.2 billion and invests in greater China, India, Japan, Australia and Southeast Asia.